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SAN FRANCISCO (AP) - Gap Inc.'s first-quarter profit dropped 26 percent as a new management team scrambled to regain the clothing retailer's fashion sense.
The San Francisco-based company said Thursday that it earned $178 million, or 22 cents per share, for the 13 weeks ended May 5. That compared with net income of $242 million, or 28 cents per share, at the same time last year.
Sales edged up 3 percent to $3.56 billion. In a more telling measure of a merchant's health, Gap's same-store sales declined by 4 percent. It marked the 11th consecutive quarter of erosion in a key metric that reflects the performance of stores open for at least year.
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